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Weatherford secures multiple oilfield services contracts in Oman, Kuwait. Weatherford International plc has secured multiple oilfield services contracts from major national oil companies in the GCC, including Petroleum Development Oman (PDO) and Kuwait Oil Company (KOC), covering integrated drilling services, annular casing packers, and electronic submersible pump (ESP) feed-through packers. The contract awards and operational updates were announced by Weatherford as part of the company's second-quarter 2026 results. In Oman, Petroleum Development Oman (PDO) has awarded Weatherford a three-year Integrated Drilling Services contract covering 247 wells in the Marmul field. The scope of work includes integrated drilling services to support both production and injection operations. The latest contract follows the successful completion of a previous 837-well contract awarded in 2022, further strengthening Weatherford's relationship with PDO and its involvement in drilling activities in Oman's key oil-producing assets. In Kuwait, Kuwait Oil Company (KOC) has awarded Weatherford two five-year contracts for the supply of specialized well completion equipment. The contracts cover the supply of Annular Casing Packers (ACP) for Triassic-Paleozoic High-Pressure High-Temperature (HPHT) wells, as well as the supply of Electronic Submersible Pump (ESP) feed-through packers for multiple wells. The Kuwait contracts will support KOC's well construction and completion activities by providing specialized completion equipment designed for challenging downhole conditions and applications. In Saudi Arabia, Weatherford completed the first qualification deployment of its ArrayPro(TM) technology with Saudi Aramco, validating a fully integrated production logging solution for horizontal wells. The system provided real-time data and reliable performance in demanding operating environments, supporting enhanced reservoir evaluation and production optimization. In the United Arab Emirates (UAE), Weatherford was recognized as "Best Liner Hanger Supplier and Services Provider" by a National Oil Company. The company's Liner Hanger Systems team completed more than 100 liner deployments across over 22,000 operational hours during the previous year, demonstrating its capabilities in supporting efficient well construction and improving schedule reliability. Weatherford also introduced its Rotaflex(TM) 1160 long-stroke pumping unit in the UAE as a fully integrated solution for challenging unconventional reservoirs. The system is designed for rigless operations and aims to maximize recovery, improve production performance, reduce operational complexity, and lower power consumption and emissions. Weatherford reported second-quarter 2026 revenue of $446 million from the Middle East, North Africa and Asia region, representing a 6% sequential decline, or $30 million, primarily due to lower activity amid heightened geopolitical tensions. The decline was partly offset by higher Cementation Products activity in Saudi Arabia. On a year-over-year basis, regional revenue decreased by $78 million, or 15%, primarily due to lower activity related to heightened geopolitical tensions, partly offset by increased Drilling Services activity in Kuwait. The latest contract awards in Oman and Kuwait, together with Weatherford's technology deployments and operational achievements across Saudi Arabia and the UAE, highlight the company's continued participation in major upstream oil and gas activities across the GCC.

Weatherford Q2 2026 free cash flow climbs 76% to $139 million as Iran conflict cuts Middle East revenue and NCS Multistage deal advances. Weatherford's Q2 2026 adjusted FCF rose 76% to $139M as revenue fell 8% on Iran conflict headwinds; NCS Multistage acquisition advances at $126M. Weatherford International (NASDAQ: WFRD) reported second-quarter 2026 revenue of $1.105 billion, above analyst consensus of $1.07 billion but down 8.0% from $1.200 billion in the year-ago quarter. Net income fell 71% year-over-year to $39 million, and adjusted earnings per share of $0.55 missed the Wall Street consensus of $0.93 by 41%. Adjusted EBITDA reached $223 million at a 20.2% margin, within one basis point of the prior quarter on a margin basis despite the revenue decline. Free cash flow nearly doubles as margin discipline holds. Adjusted free cash flow rose 76% year-over-year to $139 million, translating to a 12.6% free-cash-flow conversion rate on Q2 2026 revenue. By comparison, Q2 2025 adjusted free cash flow calculates to $79 million on $1.200 billion in revenue, a 6.6% conversion rate, based on the reported 76% growth figure. Operating cash flow climbed 37% year-over-year to $175 million, while capital expenditures fell 22% to $42 million. CEO Girish Saligram credited cost discipline for the cash performance, calling Q2 results "strong reliability and resilience" despite "significant Middle East disruption from the Iran conflict." Middle East and North America drive revenue declines. Weatherford's Middle East, North Africa, and Asia segment posted $446 million in Q2 revenue, down 15% year-over-year, as the Iran conflict disrupted regional drilling activity. North America contributed $205 million, also down 15% from the prior year, reflecting softer drilling activity and operator capital discipline in a lower natural gas price environment. Europe, Sub-Sahara Africa, and Russia rose 5% year-over-year to $257 million, the only geographic segment to gain year-over-year. Within product lines, Production and Intervention revenue climbed 7% sequentially to $316 million, with segment adjusted EBITDA up 30% on the same basis. NCS Multistage deal builds Completions depth in unconventional basins. Weatherford announced on June 1, 2026, a definitive agreement to acquire NCS Multistage Holdings (NASDAQ: NCSM) in a stock-and-cash transaction at $48 per share, implying a deal value of $126 million and a 13% premium to NCS's last closing price. NCS Multistage designs and manufactures multi-stage fracturing tools, sleeve completion systems, and fracture isolation equipment for horizontal wells in North American tight formations. Key NCS service areas include the Montney in British Columbia and Alberta, the Permian Basin, and the Bakken. The acquisition fills a product gap in Weatherford's Well Construction and Completions segment, which posted $433 million in Q2 2026 revenue but declined 5% year-over-year. Weatherford projects at least $15 million in annual cost synergies within 18 months of closing, with immediate accretion to adjusted free cash flow per share. Delaware redomestication and capital returns. Weatherford is pursuing a redomestication from Ireland to Delaware, projecting $20 to $30 million in annual cash savings beginning in 2027. Net leverage improved to 0.34 times adjusted EBITDA, down from 0.41 times in Q1 2026. The company paid $20 million in dividends and repurchased $16 million in shares during Q2 2026, bringing total H1 2026 shareholder returns to $66 million. A quarterly dividend of $0.275 per share is payable September 3, 2026. Sources and methodology. Oil Authority synthesis: Oil Authority Inc. derived the Q2 2025 adjusted free cash flow figure ($79 million) by dividing the Q2 2026 result of $139 million by 1.76, reflecting the reported 76% year-over-year growth. Oil Authority Inc. then calculated free-cash-flow conversion rates: 6.6% in Q2 2025 ($79M divided by $1,200M revenue) and 12.6% in Q2 2026 ($139M divided by $1,105M revenue), showing cash generation efficiency nearly doubled even as revenue contracted. Published by Oil Authority, edited by Adam Humphreys Submit a correction. Spotted a factual error? Free account required to submit a correction.